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Russian Energy Ministry in favor of keeping tax maneuver in energy industry for 2017

September 01, 15:52 UTC+3 MOSCOW
The energy ministry hasn't yet forwarded a formal proposal to the finance ministry though Enermy Minister Alexander Novak supports the initiative
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© Dmitriy Rogulin/TASS

MOSCOW, September 1. /TASS/. The Russian Energy Ministry is in favor of keeping the plans to reduce the tax burden in the oil and gas industry. A formal proposal to amend the tax maneuver plans for 2017 has not yet been transferred from the Finance Ministry to the Energy Ministry, the Minister of Energy Alexander Novak told journalists on Thursday.

"I have always spoken in favor of the tax policy of a long-term and comprehensible nature. Therefore, the solutions that were previously adopted must be carried out. That is all, and there should be no additional innovations. This is our position. It really give an opportunity to companies to implement in the long term plans on investment costs," he said.

At the same time, "the Finance Ministry has not yet sent any formal propositions to the Energy Ministry," he added.

The tax maneuver, which came into force on January 1, 2015, implies a reduction of crude export duties to 30% in 2017 from the present 42%, simultaneously raising the mineral extraction tax. The tax maneuver is aimed at reducing the dependence of the Russian budget on export duties, which go down following global oil prices.

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